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What deductible should I have on my home insurance policy?
I'm in the process of buying home insurance, but I'm not sure what the deductible should be. Are there any rules or ideas on how high or low your deductible should be?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The first step is to decide what amount you’re comfortable paying.
If you consistently carry a high balance in your bank account, a deductible of $5,000 isn’t out of the realm of possibility. A higher deductible will lower your monthly premium substantially, similar to
car insurance deductibles
. If you don’t have a ton of liquid funds or a higher deductible will cause financial hardship, a lower deductible of $1,000 or $2,000 might be a better option. While this will make your monthly premium higher, it will also prevent you from shelling out extra money if you file a claim.
Deciding the right deductible really depends on how much you can afford to pay for your monthly premiums. If you’re looking for ways to save money on home insurance, try using the free
Jerry
app. Jerry compares rates from the top providers and delivers the best deals to your phone in minutes. Another way to save money is to bundle your home and auto policies together. Try talking to your current provider, or shop with new companies to find what kind of bundling discounts they offer.”
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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